(Jamaica Gleaner) Hugh Wildman, the liquidator of the unregulated investment firm Cash Plus Limited, and his team have discovered US$25 million (J$2.2 billion) that Carlos Hill and his brother Bertram are suspected to have tucked away in a Swiss bank in Dubai in the United Arab Emirates.
Wildman told a press conference on Tuesday that he has assembled a legal team to marshall the efforts in Dubai to reclaim the US$25 million.
“If we can get our hands on this money, the depositors of Cash Plus could have a merry Christmas,” Wildman asserted.
He revealed that a team of English lawyers who operate in Dubai has been engaged to assist in reclaiming the funds on behalf of depositors of Cash Plus.
The Cash Plus liquidator said the legal team has succeeded through the English court in serving papers on the bank, freezing the US$25 million.
Wildman disclosed that the bank received the freeze order under the Mareva injunction.
This has been made possible through the English laws under which one of two branches of the bank operates. The other operates under Arabian laws.
Wildman said the branch is situated in the Dubai financial centre and is akin to an offshore bank.
Fierce resistance
However, he served notice that the bank is putting up fierce resistance.
Wildman said the bank in Dubai appears to be in breach of English laws as it is not a deposit-taking entity.
The Cash Plus liquidator said the attorneys are going after the branch which operates under English jurisdiction.
He said after serving the injunction on the bank, investigators located Carlos Hill and served the court papers on him early Tuesday.
Hill was also served papers for his brother, Bertram, who resides off the island. A clause in the court order requires that the brothers divulge full details of their/Cash Plus assets within seven days and file an affidavit to this effect in 10 days.
“So that we can have a clear picture of all the assets that are here and in other jurisdiction,” Wildman said.
“If there is no compliance, they will be held in contempt of court and subject to imprisonment,” Wildman added.
However, questions have been raised as to whether this new development will render Hill a flight risk.
Wildman said it was up to the court to make such a determination.
He said his team had a good idea of the assets located in Jamaica, but was still unclear on those hidden abroad.
Wildman said his team has good reason to believe that the US$25 million is not the only amount which has been concealed overseas.
He said investigations have pointed to assets in Panama and the Dominican Republic, among other locations.
Wildman said that based on claims which are in the hands of the liquidator, depositors are owed at least J$5 billion.
“We know that there are other claims,” he added.
It also appears that the economic crunch is challenging the efforts to liquidate the locally based assets. Wildman said potential buyers have demonstrated an interest in the assets but backed out at the last minute.
While he was unable to quantify the amount being spent on the reclaiming efforts, Wildman divulged that approximately £25,000 was going into the pockets of the English lawyers.
